Norwegian Air Shuttle ASA – Results from the bondholders’ meetings

01 May 2020 .
1 min read

Nordic Trustee AS has informed Norwegian Air Shuttle ASA (“the Company”) about the results from bondholders’ meetings (see attachment below).

The Company is pleased to see very robust support from 3 out of 4 bondholder groups, approving the Company´s proposals. The proposal to NAS07 did, however, not receive sufficient support with a vote in favour of 62% (2/3 required).

The Company is however continuing a constructive dialogue with bondholders to assess whether the required majority for approval of the proposal can be reached.

The Company has furthermore received strong support from lessors for a minimum conversion to equity of 550 million USD (excluding conversion under the so-called power-by-the-hour arrangement), which would satisfy the condition set out in the proposal to the bondholders.

The Company’s scheduled extraordinary general meeting will be conducted as planned on Monday 4 May 2020. The Company intends to summon a new bondholder meeting planned to be held on Monday 18 May 2020. The Company will on Monday 4 May 2020 determine the timeline for the capital raise, which will end on or about 18 May 2020.

“Our dialogue with the bondholders continues with the clear goal of reaching a solution. Unfortunately, we were not able to reach an agreement within the deadline. However, the discussion is continuing through the weekend to find a solution, said CEO Jacob Schram of Norwegian.